China Customs: China’s Export and Import Value in the First Three Quarters Increased by 22.7%

SHANGHAI, Oct 13 (SMM) - Li Kuiwen, Director of the Statistics and Analysis Department of the General Administration of Customs, introduced at a press conference held by the Information Office of the State Council this morning (Oct 13), that China's foreign trade value totalled 28.33 trillion yuan in the first three quarters of 2021, an increase of 22.7% on the year, which stayed on the high growth trajectory.

According to the Customs, the total value of China's foreign trade stood at 28.33 trillion yuan in the first three quarters of this year, an increase of 22.7% year-on-year. Among them, the exports were 15.55 trillion yuan, up 22.7% year-on-year; the imports were 12.78 trillion yuan, up 22.6% year-on-year. China’s foreign trade has achieved positive year-on-year growth for five consecutive quarters.

Among them, China's crude oil imports fell 6.8% year-on-year to 387 million mt in January-September; the imports of iron ore and concentrates fell 3% year-on-year to 842 million mt in January-September; and the natural gas imports rose 22.2% year-on-year to 89.85 million mt in January-September.

In the first three quarters, the semiconductor industry in central and west China developed quickly. The imports of semiconductor manufacturing equipment totalled 72.2 billion yuan in the period, an increase of 31.3% on the year, accounting for 44.3% of the total value of China’s imports of semiconductor manufacturing equipment.

Considering the impact of the high baseline of foreign trade in 2020, the growth rate of import and export may have fallen in the fourth quarter of this year, but the overall trend will stay positive, with the estimate of higher growth rate throughout the year.